Loans

24 Hour Payday Loan Outlet
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Troubled by consumer complaints and loopholes in state laws, the federal government is crafting new rules to protect borrowers of payday loans.

The Consumer Financial Protection Bureau is considering placing caps on the number of times a borrower can take a payday loan and requiring lenders to do credit checks. They also want to encourage states or lenders to lower interest rates on loans.

A picture of a house damged by a tornado.
Blair Busby

Victims of severe storms and tornadoes that swept through 12 coastal counties in late April are eligible for federal disaster relief loans, if they turn in their applications today.

Business and homeowners, and renters, can apply for loans of varying levels from the Small Business Association. Interest rates are from 2 to 3 percent and can be paid off over 30 years.

Jay MacKenna of the SBA says these loans cover physical and property damage.

Book cover of Carol Peppe Hewitt's new book.
http://financingourfoodshed.com/

Members of a growing movement are taking their money off of Wall Street and investing it in local food systems through small peer-to-peer loans. Slow Money lenders watch their investments used to grow businesses and farms right in their own communities. 

Host Frank Stasio talks with Carol Peppe Hewitt, the founder of Slow Money NC. She reads from her new book “Financing Our Foodshed” (New Society Publishers/2013) at Flyleaf Books in Chapel Hill tonight at 7.

North Carolina had a brief brush with payday lending. But it was banned by the State Attorney General Roy Cooper in 2006. However, banks are not bound by state law, and Regions Bank from Alabama is offering payday loans in North Carolina in a program they call "Ready Advance." Some are worried that Regions Bank will open the door for other banks to do the same. Host Frank Stasio will be joined in the studio by Ellen Harnick, the Senior Policy Counsel for the Center for Responsible Lending.